Yeah. That is my understanding as well. A TFL, or "tidal fish license," is essentially only what the card is called. You put endorsements on the TFL. This is what actually allows you to harvest your catch.
The card could say something like
"Tidal Fish License"
-rockfish H&L
-resident guide
-crab, 600pots
Or it could say
"Tidal Fish License"
-resident guide
The first license depicts that the permit holder has the rock fish license, as well as a residents guides endorsement and 600 crab pots.
The second only depicts that it is a guides license.
The more endorsements the more valuable of a license. An unlimited TFL essentially allows you to do whatever you want. It includes every endorsement.
In order for you to make money harvesting the bay, you either have to go all for it and only only do it, or just not worry about it. At one time I held an unlimited TFL, and then also a TFL with just a rockfish H&L permit. Neither made money in the end. I gave up both.
The amount of time in preparation, time on the phone finding a place to buy, time checking in the catch at sketchy locations, and amount of energy keeping you catch perfect, and possibly filleting your catch for restaurants equates to about 2.00/hr. And that's if you're really good.